Finance Minister Nirmala Sitharaman announced a slew of measures to help the country tide over the economic crisis in the face of the coronavirus pandemic.
While there is no extension on the deposit of TDS, Sitharaman provided relief by reducing the interest rate to 9% till June 30. The current rate was 18%.
An important change in new ITR is disclosure related to cash in case of presumptive tax assesses.
The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21.
ITR-1 is a one-page form applicable for salaried individuals with total annual income of up to Rs 50 lakh.
Internet facilities have been clamped down in Jammu and Kashmir following the Centre's decision to abrogate provisions of Article 370 on August 5.
A national e-assessment centre has been recently setup in Delhi as part of the central government's plan to launch the faceless and nameless assessment for income tax payers.
This category of ITR is to be filed by those entities that are assessed under section 44AB of the I-T Act such as companies, partnership firms, proprietorship among others.
It is important to note that taxpayers can only check the ITR status once they have filed their IT returns and have also verified them within 120 days of uploading the returns.
The tax department said the updated deadline for filing GSTR for the mentioned states will be on September 20.
While filing the ITR, taxpayers should correctly mention the email address in the return form as all communications between will take place through that this ID.
Documents like Form 16, salary slips, interest certificates, form 26AS, home loan statement and tax payment challan can be kept within reach to make the process of filing ITRs smoother.
If you are among the ones who haven’t filed yet and are panicking at the last minute on how to get it done, don’t worry, we have got you covered. Here’s a step-by-step guide on how you can file your ITR online.
Even NRIs, who have income that exceeds Rs. 2.5 lakh (for FY 2018-19) which is earned or accrued in India, are required to file an income tax return in India.
Other regular tabs like e-proceeding, e-nivaran, compliance, worklist and profile setting were taken off from the 'lite version' but retained in the standard version of e-filing facility.
Individual taxpayers with an annual income of up to Rs 50 lakh are eligible to file their returns using ITR-1.
One of the key reasons behind the extension of ITR deadline was the late release of online utility for ITR filing, which was released with some new updates.
According to income-tax rules, if you file your return after the due date but before December 31 of the assessment year, you will have to pay Rs 5,000 as a penalty.
A fake notice which went viral on social media said that the due date for filing ITR for 2019-20 has been extended to September 30 as taxpayers are still facing some difficulties in filing their returns due to various reasons.
The task force has also proposed introducing a new top tax bracket of 35% for the super-rich, that is those earning above Rs 2 crore in a year.
Supreme Court Directs Approved Govt and Private Labs to Conduct Free of Cost COVID-19 Tests
With Deaths of Malayalis Living Abroad On Rise, Kerala to Open COVID-19 Helpdesks in 5 Countries
Behaviour or Biology? Coronavirus Kills Men Twice as Often as Women in New York
New Research Links Air Pollution to Higher Coronavirus Death Rates